As you may have heard or can ascertain from the name, the new and groundbreaking “Illinois Gives” legislation will be a game changer for Illinois-based nonprofits.
Effective January 1, 2025, any Illinois taxpayer making a financial gift to an endowed fund at an accredited community foundation will be eligible for an additional 25% Illinois tax credit. The goal is to inspire and incentivize permanent support for the nonprofits who work daily to improve Illinois residents' quality of life.
Only a handful of States offer this opportunity, and our legislators and community leaders are to be commended for their commitment and foresight to the communities they serve.
You may support an existing MRCF endowment or work with your favorite nonprofit to establish one. Whatever you decide, it is highly recommended you start making plans this fall to prepare for the 2025 tax credits.
Click here, Illinois Gives Tax Credit Act 2025 for more information and let’s take action to change our communities!
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